C&A Textiles Mills Ltd. (IPO) Subscription Date Start from November 09, 2014

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C & A Textiles Mills Limited (IPO) share of the money collected will be 45 Core. This company IPO subscription will be started from November 09, 2014 and will be closed on November 13, 2014. For NRB applicants, it will remain open till November 22, 2014. The face value of TK 10 per share value of company and offer price is TK 10 including a premium of taka Nil. This company share issue manager responsible for AFC Capital Limited and Imperial Capital Limited. Last financial year shows the EPS Taka 1.78 & Net asset value per share (NAV) taka 18.38. This Company Quantity of Share per lot 100. Total quantity of share: 45,000,000.

DSE turnover dips below Tk 5.0 billion-mark

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Stocks returned to the red Tuesday after previous day's marginal gain with turnover hitting to three-month low on the prime bourse as fear of further fall taking toll on investors' sentiment.

The market opened with an upward mood, but could not sustain as the session progressed. At the end of the session, DSEX, the key index of the Dhaka Stock Exchange (DSE) went down by 28.40 points or 0.55 per cent to close at 5,128.84 points.

The other two indices also ended in the red. The DS30, comprising blue chips lost 12.98 points or 0.66 per cent to close at 1,933.53 points. The DSE Shariah Index shed 6.53 points or 0.53 per cent to close at 1,206.86 points.

The turnover of the country's premier bourse - DSE dipped below Tk 5.0 billion mark and amounted to Tk 4.62 billion which was 8.51 per cent lower over the previous day's value of Tk 5.05 billion.  It was also the lowest turnover since Tk 4.28 billion on August 3, 2014.

The investors' attention was mostly concentrated on power, banks and pharmaceuticals - the sectors that accounted for 22.94 per cent, 13.73 per cent and 13.71 per cent respectively of the day's total turnover.

"Fear of further fall continued taking toll on investors' sentiment as well as market," commented IDLC Investments in an analysis.

In spite of better earnings disclosures, market level negativity dwindled away market momentum. News on positive Q3 earnings disclosures by most of the banks and allowing of FDI in textile sector could not encourage investors much, said the merchant bank.

International Leasing Securities said: "Stocks all over the major sectors declined amidst the lack of investors' participation and optimism".

Most of the investors are shifting their attention towards selected stocks from various sectors rather their concentrating their funds in one particular sector, said the International Leasing.

"With sideways movement of index over last few trading sessions, market turned in mixed performance on Tuesday," said LankaBangla Securities.

Market experienced some early gains, where some stocks pulled back off their ground as investors remained cautious seeing corporate earnings of companies, said the stock broker.

NBFI stocks tumbled by 2.92 per cent during the session while bank continued to rally on revival of quarterly earnings with 0.2 per cent return in market capitalization, said the stock broker.

Telecommunication also lost by 1.53 per cent. Pharmaceutical and Power closed 0.88 per cent and 0.46 per cent lower respectively.  Food and allied sector also posted negative yield of 0.14 per cent.

The losers took a lead over the gainers as out of 304 issues traded, 175 declined, 96 advanced and 33 remained unchanged on the DSE floor.

Activities decreased in the major bourse (DSE) where trade was down by 3.32 per cent respectively, but volume was up 7.83 per cent. A total of 0.093 million trades were executed in the day's trading session with 108.82 million securities of trading volume.

The total market capitalization of the DSE stood at Tk 3,381.22 billion against Tk 3,401.92 billion in the previous session.

CVO Petrochemicals Refinery was the most traded stock with shares worth Tk 281.90 million changing hands followed by SPPCL, GP, Brac Bank and MJL BD.

The port city bourse, Chittagong Stock Exchange (CSE) also closed lower with its Selective Categories Index - CSCX - lost 51.72 points to close at 9,623.99 points.

Losers beat gainers 136 to 62, with 22 issues remaining unchanged at the port city bourse that traded 9.39 million shares and mutual fund units, turnover value of Tk 341.92 million

StanChart shares tumble to five-year low

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HONG KONG/LONDON, Oct 28 (Reuters): Asia-focused bank Standard Chartered Plc warned investors that profits would fall in the second half of this year, after quarterly earnings were hit by a surge in bad loans and higher regulation and compliance costs.

Standard Chartered said that as bad debts rise in key markets like India and China, it will step up its restructuring plan and aims to cut $400 million more from costs next year.

Its London-listed shares tumbled more than 8 per cent to their lowest level for five years. Analysts said the grim results showed the tough task facing Chief Executive Peter Sands, as he tries to turn around the bank after its 10 years of record earnings came to a shuddering halt last year.

"Not only has credit started to deteriorate and will be the driver of the next earnings downgrade cycle, but volume, revenue and cost trends are weak," said Joseph Dickerson, analyst at Jefferies.

He estimated average earnings forecasts for this year will come down by about 15 per cent and will also be cut for 2015.

"The (Q3) numbers indicate the continuing challenges we face," CEO Sands told reporters on a conference call.

"We are redoubling our focus on costs ... achieving this will require further rationalisation of our branches, more standardisation and automation and reconfiguration or exit of certain businesses."

MF investments in IT stocks hit all-time high in Sept

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NEW DELHI, Oct 26 (PTI): The mutual fund industry is betting big on software companies as its equity exposure to the sector climbed to a fresh all-time high of around Rs 320 billion at the end of September.

This also marks the fourth consecutive rise in mutual fund (MF) industry's exposure to software stocks.

Mutual fund is an investment vehicle that is made up of a pool of funds collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and similar assets.

The funds' investment in software stocks stood at Rs 318.34 billion as on September 30, 2014, accounting for 10.83 per cent of their total equity assets under management (AUM) of Rs 2.94 trillion, according to data available with the Securities and Exchange Board of India (Sebi).

At current levels, the MF industry has the highest exposure to software sector since August 2009. Data is not available for sector-wise exposure before August 2009, when the equity funds had deployed Rs 119.13 billion (6.71 per cent) in software shares.

The previous high was in August this year when investment in the sector rose to Rs 296.68 billion.

According to market participants, MFs have been showing interest in software stocks since the beginning of the year amid rising equity market.

They believe that the ongoing market rally might see mutual fund assets getting diversified.

This year has seen a consistent growth in investment in software stocks by equity fund managers and fund infusion has grown from Rs 277.72 billion in January to Rs 318.34 billion in September.

Besides, mutual fund managers raised their exposure in bank stocks to an all-time high of over Rs 553.98 billion in September this year, which is the highest among all the sectors.

Among others, MFs have an exposure of Rs 219.08 billion in pharma space, followed by auto (Rs 188.92 billion) and finance (Rs 163.58 billion).

Wall St boosted by earnings, S&P posts best week in nearly two years

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NEW YORK, Oct 26 (Reuters): US stocks closed out their best week in nearly two years on Friday, helped by earnings from Microsoft and Procter & Gamble and as concerns eased over the possible spread of Ebola in the United States.

The S&P 500 was up 5.5 per cent from its low on October 15 and had its best weekly gain in nearly two years, boosted by solid corporate earnings reports.

News of the first case of Ebola diagnosed in New York City hit futures late on Thursday, but the markets shook off those concerns on Friday. A doctor being treated for Ebola in a New York City hospital is in stable condition, the city's health commissioner said, while the World Health Organisation set out plans for speeding up development and deployment of experimental Ebola vaccines.

"I am encouraged by the fact that the market seems to be having a cooler head about the most recent Ebola news," said Steve Sosnick, equity risk manager at Timber Hill/Interactive Brokers. "It feels like a market that's trying to consolidate some very sharp moves."

Shares of Microsoft rose 2.5 per cent to $46.13, after the company reported higher-than-expected quarterly revenue while keeping profit margins largely intact.

Investors remain indecisive on fresh fund injection

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Stocks extended their losing streak to the third straight session Sunday with turnover remained sluggish as the investors were indecisive on fresh funds injection and followed cautious stance.

Amid the countrywide shutdown enforced by Islamic groups, the stock market opened at 10:30am as usual. But the investors' attendance was relatively low at the brokerage houses.

DSEX, the prime index of the Dhaka Stock Exchange (DSE) ended at 5,111.63 points, shedding 42.46 points or 0.82 per cent. In the last three consecutive sessions, DSEX lost around 122 points or 2.33 per cent.

The other two indices also closed lower. The DS30, comprising blue chips lost 16.78 points or 0.86 per cent to close at 1,926.89 points. The DSE Shariah Index dropped 10.86 points or 0.89 per cent to close at 1,205.37 points.

The total turnover at DSE dropped further and amounted to Tk 5.29 billion, which was 7.51 per cent lower compared to previous session's value of Tk 5.72 billion.

The investors' attention was remained concentrated on power, pharmaceuticals and engineering - the sectors that accounted for 23 per cent, 12 per cent and 10 per cent respectively of the day's total turnover.

"The country's stock market continued its bearish vibe. Quarterly earnings declarations of several listed companies failed to restore the investors' optimistic outlook," said International Leasing Securities in an analysis.

IDLC Investments said: "Despite favourable corporate earnings disclosures, the fear of downturn sustained amid investors and subsequently dropped the equity market".

"Investors' shaky confidence assisted to lower market participation, shedding another 42.5 points from DSEX".

Since, most of the earnings disclosures remained due, investors were indecisive on further fresh funds injection, the merchant bank added.

"Investors continued their cautious trading behaviour as corporate earnings started to hit on the screen," said LankaBangla Securities, a stock brokerage.

"Market turnover is not as much as vibrant like few weeks ago as investors are still eyeing on corporate earnings," said the stock brokerage.

Zenith Investments said: "This correction is not unusual but sometimes continuous correction often throws investors in a state of panic especially those investors who had just recently entered the market".

"The investors must not get panicked with usual market correction because what starts as mild concern rapidly turns into outright fear, followed by relief as things starts to stabilize again," said the Zenith analysis.

Among the large cap sectors, NBFIs posted the highest gain of 2.59 per cent. Telecommunications also yield decent gain of 0.66 per cent.

The other major sectors retraced -- banks and power lost 0.78 per cent and 0.38 per cent respectively. They were followed by pharmaceuticals and food and allied sectors which lost 0.10 per cent and 0.18 per cent respectively.

The losers took a strong lead over the gainers as out of 303 issues traded, 190 declined, 82 advanced and 31 remained unchanged on the DSE floor.

Activities decreased in the major bourse (DSE) where trade were down by 11.47 per cent respectively, but volume was up by 0.38 per cent. A total of 0.098 million trades were executed in the day's trading session with 114.48 million securities of trading volume.

The total market capitalization of the DSE came down to 3,375.73 billion against Tk 3,384.92 billion in the previous session.

GP was the most traded stock with shares worth Tk 295.84 million changing hands followed by Titas Gas, KPCL, MJL BD and Square Pharma.

Shahjibazar Power Company was the day's highest gainer for the third running session, posting a rise of 9.96 per cent while Beacon Pharma was the day's worst loser, slumping by 8.05 per cent.

The port city bourse, Chittagong Stock Exchange (CSE) also closed with its Selective Categories Index - CSCX - lost 62.89 points to close at 9,614.97 points.

Losers beat gainers 160 to 46, with 13 issues remaining unchanged at the port city bourse that traded 9.94 million shares and mutual fund units, turnover value of Tk 385.64 million.

National Feed Mill Ltd. (IPO) Subscription Date Start from October 26, 2014

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National Feed Mill Ltd. share of the money collected will be 18 Core. This company IPO subscription will be started from October 26, 2014 and will be closed on October 30, 2014. For NRB applicants, it will remain open till November 06, 2014. The face value of TK 10 per share value of company and offer price is TK 10 including a premium of taka nil. This ipo drawn amount use of bank loan payment, Current capital increase, Business activities increase and some amount expanse of ipo portion. This company share issue manager responsible for ICB Capital Management Limited and PLFS Investment Limited. Last financial year shows the EPS Taka 1.85 & Net asset value per share (NAV) taka 14.55. This Company Quantity of Share per lot 500.

Ifad Auto Ltd. (IPO) Subscription Date Start from November 23, 2014

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Ifad Auto Limited (IPO) share of the money collected will be 63 Core 75 lac. This company IPO subscription will be started from November 23, 2014 and will be closed on November 27, 2014. For NRB applicants, it will remain open till December 06, 2014. The face value of TK 10 per share value of company and offer price is TK 30 including a premium of taka 20.This company ipo tk use of Business spread, Bank loan payment and some amount expanses of ipo portion. This company share issue manager responsible for Banco Finance & Investment Limited and Alpha Capital Management Limited. Last financial year shows the EPS Taka 5.16 & Net asset value per share (NAV) taka 27.29. This Company Quantity of Share per lot 200. Total quantity of share: 21,250,000.

Investors gird for scarier days in markets

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NEW YORK, Oct 11 (Reuters): Volatility has suddenly returned to US stocks, and for the first time all year it doesn't appear that the weakness in equities will go away quietly in the span of a few days.

While the S&P 500 is still up 3.1 per cent for the year, the index is off about 5 per cent from its record high reached in mid-September, and closed out this week at the lowest level since May 23.

"We're still in a bull market, but in the near term things are a little bit dicey, and I don't think the decline is over with yet," said Jeffrey Saut, chief investment strategist at Raymond James Financial in St Petersburg, Florida.

The S&P 500 and Nasdaq posted their biggest weekly declines since May 2012, and the Dow Jones industrial average ended on Friday in negative territory for the year.

The S&P also posted back-to-back intraday moves of more than 40 points this week for the first time in three years. Wall Street's fear gauge, the CBOE Volatility Index, ended at 21.24 on Friday, its highest level since early February.

Investors said they were concerned about the eventual end of Federal Reserve stimulus, as well as weak growth overseas and its potential effect on US earnings. The slide in oil prices has also served as a harbinger for poor demand, and investors in general got caught betting heavily on further market gains at a time when this stew boiled over.

The volatility recalls the last major period of big market gyrations in the second half of 2011, when the first-ever credit downgrade of the United States and the threat of a debt default kept investors on their toes for several months. It is unclear whether the current turmoil will last as long.

"What is interesting about what is going on is that you have several themes all feeding into the same action, and that action is to mitigate risk," said Peter Kenny, chief market strategist of Clearpool Group in New York.

The only S&P 500 sectors to gain since the market's September 18 high are defensive - utilities and consumer staples. This week also saw the biggest weekly inflow on record to US taxable bond funds, while nearly $7 billion left stock funds.

One sign that investors anticipate more volatility has been in the options market, where volumes have increased sharply. Friday marked the busiest day in the options market since June 2013, with options volume totaling 27.2 million contracts, according to options analytics firm Trade Alert.

In addition, the CBOE Volatility Index is trading higher than monthly VIX futures contracts between now and May 2015, a sign of worry about near-term ups and downs in the market.

"Just look at options volume versus stocks volume over the past three to six months," said Tim Biggam, lead option strategist at online brokerage TradingBlock.

"Options volume has been nothing but growing and stock volume has been sort of petering out. A lot of the big players are pre-positioning with options."

Growing worry over Europe and other overseas economies has money managers concerned about earnings season. The next two weeks bring a slew of US corporate results, including from S&P 500 companies with some of the highest levels of sales abroad, such as chip maker Intel Corp.

A disappointing outlook from Microchip Technology late Thursday has put a negative spin on the chip sector's outlook. The PHLX semiconductor index saw its largest daily percentage decline since January 2009, ending down 6.9 per cent on Friday. It lost as much as 15 per cent since hitting a 13-year high less than a month ago.

Should US results prove strong, however, it may stem the recent selling.

"The earnings reports from the US should help put a bottom in the market and lead to some regained strength. We think we remain in good shape," said Jim McDonald, chief investment strategist at Chicago-based Northern Trust Asset Management, which has about $924 billion in assets.
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Tokyo stocks close down 0.75pc

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TOKYO, Oct 9 (AFP): Tokyo shares fell 0.75 per cent on Thursday as a stronger yen wiped out early gains after the Federal Reserve dampened expectations for a US interest rate hike in early 2015.

The Nikkei 225 at the Tokyo Stock Exchange was down 117.05 points at 15,478.93, after the benchmark index opened 0.55 per cent higher.

The Topix index of all first-section shares slipped 1.10 per cent, or 14.07 points, to close at 1,260.78.

"Selling pressure emerged in late trading because of a strong yen, which erased the Nikkei's early gain," said Hikaru Sato, senior technical analyst at the investment strategy section at Daiwa Securities.

The dollar slipped to 107.85 yen from 108.14 yen in New York. A stronger yen makes Japanese exporters less profitable.

"Depressed US interest rates benefit equities prices generally, but for Japan stocks a higher dollar is usually a necessary reason to buy major exporters," Shinkin Asset Management fund manager Naoki Fujiwara told Dow Jones Newswires.

The Nikkei rallied in the morning after the Fed minutes showed policymakers cautious about rushing into rate hikes, and worried that the dollar is rising too fast.

There was also concern over slow growth in Europe, China and Japan as well as geopolitical tensions.

A string of upbeat US data in recent months has fuelled speculation the Fed will likely announce a rate rise before a mid-2015 timetable.

Japanese shares got an initial lift after fresh data showed Japanese machinery orders -- a key leading indicator of capital spending -- rose for the third straight month in August, bucking a recent string of weak economic figures.

Toyota fell 0.19 per cent to 6,240.0 yen, while Japan Airlines was down 0.42 per cent at 2,845.0 yen.

Uniqlo clothing chain operator Fast Retailing jumped 1.49 per cent to 37,255.0 yen on upbeat expectations for its earnings results.

Following the closing bell, however, the firm said net profit dropped 28.7 per cent for the year to August even as overall sales rose, mainly due to a strong performance at Uniqlo stores outside Japan.

Japan's largest restaurant chain operator Skylark fell 4.8 per cent on its debut.

Temporary staffing giant Recruit Holdings is set to start trading in Tokyo next week following a $2.0 billion initial public offering

World stocks roar Fed approval

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LONDON, Oct 9 (Reuters): World stock markets roared their approval on Thursday of reassurances the US Federal Reserve will not rush into raising interest rates, with risk appetite flooding back into almost every asset class. The dollar jolted lower, while oil and commodity prices rose. Bond yields in large parts of Europe, which have plunged during years of cheap funding from the Fed and the world's other major central banks, hit new record lows. Minutes of the Fed's September 16-17 meeting published late on Wednesday showed officials were wary about the dual threats of a stronger dollar and recent wobbles in the world economy as they seek an eventual exit from record low rates. There were big gains on Wall Street and for Asia stocks, and European shares duly followed suit as Britain's FTSE 100, Germany's DAX and France's CAC 40 rose 0.7, 1.2 and 0.8 per cent respectively in early trading. "It (the Fed's message) has stabilised risk appetite and it was well needed following the macro economic disappointments we have had recently," said Hans Peterson, global head of asset allocation at SEB investment management. "It is a burning issue, the pace of US interest rate rises. They will tighten of course, but it will probably be very slow." Even news that German exports slumped 5.8 per cent in August -- their biggest fall since the height of the financial crisis in January 2009, and yet another sign that Europe's largest economy is faltering -- failed to dampen the mood. Spanish and Belgian bond yields hit record lows and German Bunds edged towards them in a broad-based euro zone debt rally, while many emerging market bonds and currencies jumped. MSCI's broadest index of Asia-Pacific shares outside Japan, which touched its lowest level since March in the previous session, was up about 1.2 per cent in late trade. Japan's Nikkei share average skidded 0.8 per cent, however, as the yen rose against the weakened dollar. "Fed officials have concerns on the impact of a strong dollar, which undermines the scenario held by some that Japanese shares will benefit from further strength in the dollar against the yen," said Masayuki Doshida, senior market analyst in Tokyo for Rakuten Securities. US interest rate futures reacted swiftly to the minutes, with June 2015 eurodollar interest rate futures hitting a contract high as traders scaled back expectations the Fed will raise rates by the middle of 2015. The rate-sensitive two-year US Treasury note yield hit a seven-week low of 0.444 per cent. The 30-year bond yield dropped to a 17-month low of 3.039 per cent. In the currency market, where the dollar had gained sharply over the past three months on the perception that higher US rates down the road will attract more funds, investors rushed out of dollar-buying positions. The dollar's index against a basket of six major currencies slipped as low as 85.046 in early European trading, its lowest level in about two weeks and well off a four-year high of 86.746 hit on Friday. For the euro it meant a fourth day of upward momentum. It was at a session high of $1.2769 at 0815 GMT despite the weak German data, while the yen was at a three-week high, with a dollar worth 107.85 yen. "It appears likely now that the dollar index's record run of 12 consecutive weekly gains will be brought to an end this week," said Lee Hardman, a currency analyst at Bank of Tokyo-Mitsubishi in London. In commodities trading, US crude oil prices rebounded from a 1-1/2-year low hit overnight, adding about 0.2 per cent to $87.60 per barrel, while Brent crude, the European benchmark, rose off Wednesday's two-year low to gain 0.2 per cent on the day to $91.57. A weaker dollar makes dollar-denominated assets cheaper for holders of other currencies. Gold, which also tends to benefit from loose monetary policy, climbed to its highest in about two weeks, with spot gold rising about 0.4 per cent to $1,226.40 an ounce. The Fed was not the only central bank in action though. The British pound stood at $1.6165, steady on the day and holding above an 11-month low of $1.5943 on Monday, ahead of the Bank of England's policy announcement later in the session. The bank is expected to keep rates steady near record lows.

Asian markets mostly up after Fed minutes

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HONG KONG, Oct 09, 2014 (AFP) : Asian markets mostly rose Thursday following an upswing on Wall Street as minutes from the Federal Reserve's latest meeting indicated policymakers were nervous about hiking interest rates too soon.

The minutes show the central bank board aired worries about the stronger dollar, a stumbling eurozone economy, slowing growth in China and Japan and geopolitical risks.

The news also sent the euro and yen up against the greenback as dealers contemplated several more months of record-low rates.

European shares hit two-month low

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LONDON, Oct 8 (Reuters): European equities fell on Wednesday, with a benchmark index slipping to its lowest in nearly two months, as investors moved out of shares around the world in the face of discouraging signals about the global economy.

Growing concern over the spread of Ebola outside Africa also hurt sentiment. Travel and leisure companies suffered because the expected slowdown in air travel and tourism.

The pan-European FTSEurofirst 300 index of blue-chip shares was down 0.8 per cent at 1,319.39 points at 1040 GMT after falling as low as 1,317.74, the lowest since August. The decline mirrored overnight losses in Asian and US equities after the IMF cut global growth forecasts.

In the latest evidence of economic malaise, China's services sector growth weakened in September as new business cooled, another sign of a slowdown in the world's second-largest economy. The figures came a day after German industrial output missed forecasts.

"It's concerns over global growth that are weighing on the equity markets," said James Butterfill, global equity strategist at Coutts. "If you look at Europe, there's very weak macroeconomic data. There's weak data coming out of China as well, so it does suggest weaker growth, and markets are perhaps adjusting to that.

Cyclical stocks, sensitive to economic conditions, bore the brunt of the selling, with technology, construction, travel and leisure and automobile falling 1.3 to 2.4 per cent.

Travel and leisure stocks also came under pressure from the spread of the Ebola virus to Europe. Several people have been quarantined in Spain after authorities confirmed that a Spanish nurse had caught the disease in Madrid.

Airline stocks such as IAG, which owns British Airways and Iberia, easyJet, Air France-KLM, cruise operator Carnival, tour operator TUI and Intercontinental Hotels Group, dropped 1.8 to 3.6 per cent. French industrial group Bollore, which has a significant exposure to Africa, fell 6.7 per cent.

Air France-KLM was also down after saying a pilot strike had wiped more than a fifth off its estimated full-year core profit.

Despite the sell-off in equities that started last week, Allianz Global Investors' Joerg De Vries Hippen said he saw good value in European stocks.

"European stocks are the cheapest you can find, and the only investment where you can realistically expect returns of 5 per cent per year given the good dividend yields," said De Vries Hippen, co-chief investment officer of European equities at Allianz GI, which manages 373 billion euros ($472 billion).

European shares hit two-month low

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LONDON, Oct 8 (Reuters): European equities fell on Wednesday, with a benchmark index slipping to its lowest in nearly two months, as investors moved out of shares around the world in the face of discouraging signals about the global economy.

Growing concern over the spread of Ebola outside Africa also hurt sentiment. Travel and leisure companies suffered because the expected slowdown in air travel and tourism.

The pan-European FTSEurofirst 300 index of blue-chip shares was down 0.8 per cent at 1,319.39 points at 1040 GMT after falling as low as 1,317.74, the lowest since August. The decline mirrored overnight losses in Asian and US equities after the IMF cut global growth forecasts.

In the latest evidence of economic malaise, China's services sector growth weakened in September as new business cooled, another sign of a slowdown in the world's second-largest economy. The figures came a day after German industrial output missed forecasts.

"It's concerns over global growth that are weighing on the equity markets," said James Butterfill, global equity strategist at Coutts. "If you look at Europe, there's very weak macroeconomic data. There's weak data coming out of China as well, so it does suggest weaker growth, and markets are perhaps adjusting to that.

Cyclical stocks, sensitive to economic conditions, bore the brunt of the selling, with technology, construction, travel and leisure and automobile falling 1.3 to 2.4 per cent.

Travel and leisure stocks also came under pressure from the spread of the Ebola virus to Europe. Several people have been quarantined in Spain after authorities confirmed that a Spanish nurse had caught the disease in Madrid.

Airline stocks such as IAG, which owns British Airways and Iberia, easyJet, Air France-KLM, cruise operator Carnival, tour operator TUI and Intercontinental Hotels Group, dropped 1.8 to 3.6 per cent. French industrial group Bollore, which has a significant exposure to Africa, fell 6.7 per cent.

Air France-KLM was also down after saying a pilot strike had wiped more than a fifth off its estimated full-year core profit.

Despite the sell-off in equities that started last week, Allianz Global Investors' Joerg De Vries Hippen said he saw good value in European stocks.

"European stocks are the cheapest you can find, and the only investment where you can realistically expect returns of 5 per cent per year given the good dividend yields," said De Vries Hippen, co-chief investment officer of European equities at Allianz GI, which manages 373 billion euros ($472 billion).

Wall St falls 1pc on global growth concerns

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NEW YORK, Oct 8 (Reuters): US stocks ended sharply lower on Tuesday, with major indexes falling 1 per cent in heavy trading, as weak data out of Germany raised concerns about the strength of global growth ahead of the start of earnings season.

The International Monetary Fund (IMF) cut its global economic growth forecasts for the third time this year, suggesting the environment remains difficult for companies, especially ones with multinational exposure.

The day's losses were broad, with all ten primary S&P 500 sectors ending lower, although cyclical shares - tied to the pace of economic growth - led the decline. Industrial shares lost 2.4 per cent, while financials  shed 1.8 per cent and material companies sank 1.8 per cent.

Joy Global Inc fell 4.2 per cent to $51.69 while Caterpillar Inc lost 3.4 per cent to $94.70 as the biggest decliner on the Dow. Boeing Co lost 2.3 per cent to $123.32.

German industrial output in August slid 4 per cent, the biggest fall in 5-1/2 years, a day after a report showed industrial orders had their biggest monthly drop since 2009.

"The number was very weak, which makes for a tough backdrop. I don't think this is a trend of something that will get horrible, but it is weak and current valuations demand that data be better than weak," said Hayes Miller, who oversees about $57 billion as the Boston-based head of asset allocation in North America at Baring Asset Management.

With the day's decline, the S&P 500 fell back below its 100-day moving average, a sign of weakening near-term momentum. The CBOE Volatility index rose 11 per cent to 17.2, near a level that has recently been taken as an indication the market is oversold.

The Dow Jones industrial average fell 272.52 points, or 1.6 per cent, to 16,719.39, the S&P 500 lost 29.72 points, or 1.51 per cent, to 1,935.1, ending at its lowest level since August 12. The Nasdaq Composite dropped 69.60 points, or 1.56 per cent, to 4,385.20.

Coca-Cola Co was the only one of the 30 Dow components to end higher on the day, up 0.7 per cent to $43.92. The beverage giant moved within a dollar of its all-time intraday high of $44.44, hit on July 15, 1998.

Shares of Yum Brands Inc fell 0.5 per cent to $69.35 in extended trading after the fast food chain operator cut its full-year outlook, citing weakness in Chinese sales.

Declining issues outnumbered advancers on the NYSE by 2,379 to 671, for a 3.55-to-1 ratio on the downside; on the Nasdaq, 2,188 issues fell and 516 advanced for a 4.24-to-1 ratio favoring decliners.

The benchmark S&P 500 index posted 8 new 52-week highs and 15 new lows; the Nasdaq Composite recorded 15 new highs and 188 new lows.

About 6.43 billion shares traded on all US platforms, according to BATS exchange data, below the average of 7.27 billion over the past five sessions.

C&A Textiles Mills Ltd. (IPO) Subscription Date Start from November 09, 2014

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C & A Textiles Mills Limited (IPO) share of the money collected will be 45 Core. This company IPO subscription will be started from November 09, 2014 and will be closed on November 13, 2014. For NRB applicants, it will remain open till November 22, 2014. The face value of TK 10 per share value of company and offer price is TK 10 including a premium of taka Nil. This company share issue manager responsible for AFC Capital Limited and Imperial Capital Limited. Last financial year shows the EPS Taka 1.78 & Net asset value per share (NAV) taka 18.38. This Company Quantity of Share per lot 100. Total quantity of share: 45,000,000.
 

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